FastForward Innovations confirmed a subscription into its investee company Fralis, trading as Leap Gaming, on Tuesday, just over six months since it said it was in negotiations to sell its entire holding in Fralis last November.
The AIM-traded firm said negotiations to sell its holding had continued since that announcement on 20 November last year.
It also said that, following "detailed" negotiations, it had concluded an agreement with Leap Gaming under which it would subscribe for 306 new Preferred A units, at a price per unit of 3,265.31.
The price per unit gave Leap a pre-money valuation of approximately 8m.
Concurrently with FastForward's investment, IMG Media - a subsidiary of IMG Worldwide - would enter into a strategic partnership with Leap Gaming through its gaming operation.
FastForward said the deal would strengthen and accelerate the growth of Leap Gaming's business, adding that Leap had "significant" strategic momentum, a "leading" suite of products and a growing global customer base.
The investment would facilitate further development in Leap Gaming's suite of products, namely increasing the number of its proprietary '3D Virtual Sports' titles and casino games across online and retail platforms.
It also said it would give Leap a platform for expansion into new markets, as it further bolstered its sales efforts in order to extend its reach in key regulated markets globally.
The subscription also complemented IMG Media's gaming portfolio, and supported its group-wide commitment to digital growth.
"We recognise that the deal announced today is significantly different to the one our shareholders expected but this both reflects rapidly changing market conditions and the ability of the directors of FastForward to react quickly and decisively to maximise shareholder value," said FastForward chief executive Lorne Abony.
"I was always reluctant to dispose of Leap Gaming but recognised Leap's need to join with a strategic partner to facilitate its continued growth."
Abony said that, while there was an expectation that could only be brought about by a FastForward disposal, the deal now concluded enabled Leap to align itself with a leading global brand.
"Leap Gaming remains an extremely important asset for FastForward.
"We are excited with what we have already seen Leap Gaming accomplish since our initial investment.
"This further financing will fast-track the continued growth in a company at the forefront of an industry which will benefit from rapid regulatory change, particularly in the US."